by pna
State-owned Development Bank of the Philippines (DBP) has launched a P5-billion facility that seeks to finance projects that will promote quality and excellent higher education in the country.
The Financing for Higher Education (FHE) credit facility will fund various initiatives that will ensure the relevance and responsiveness of education programs and promote good governance in accordance with the thrusts of the education sector as stated in the Philippine Development Plan 2011-2016.
It is a component of the Financing Program for Philippine Education (FPPE), an umbrella program that covers basic education, tertiary education, technical and vocational education and alternative learning systems.
The FHE will be available for 10 years and will support higher education institutions recognized by the Commission on Higher Education and the Technical Education and Skills Development Authority. It is offered nationwide, especially in rural and poor provinces and regions.
The credit facility will fund projects such as lot acquisition and infrastructure; repair and renovation of classrooms and other school facilities; purchase of furniture and equipment; purchase of supplies and materials like school bags, books and notebooks; and working capital requirements. Maximum loanable amount is up to 90% of the total project cost.
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Topic: DBP Offers P5-Billion for Education Sector (Read 785 times)